Nifty opened with a gap up of 20 points at 6772 and made a high of 6774. This is exactly the resistance as per weekly trend line. Once the resistance was tested the market went down to make the low of 6697. However ritually in last half an hour the market recovered to close just 16 points down to 6736. As shown below the 120 minute chart shows that, nifty has broken the rising channel.
The price target for this pattern lies at 6670 levels. The break of range on RSI confirms a short term reversal. A breach of 6700 on closing basis will start the reversal of the move from the 5984 level. The market is expected to trade range bound with negative bias.
The support for nifty is at 6703-6660-6634 and the resistance lies at
6754-6785-6820. Nifty April Future has been trading at 38-39 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 13.83 and for puts were at 14.58. India VIX closed at 22.1075. PCR for
Nifty based on open interest was at 1.3 and PCR for the day based on volumes
was at 1.0 for the market.
CASH MARKET:
FII 4733.22 - 4015.83 = 717.39 Cr.
DII 1091.01 - 1807.58 = (716.57) Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1264.61 | 1387.15 | -122.54 |
| INDEX OPTIONS | 11218.56 | 11118.42 | 100.14 |
| STOCK FUTURES | 3497.16 | 3622.41 | -125.25 |
| STOCK OPTIONS | 1290.19 | 1267.15 | 23.04 |
IL&FS Engineering and Construction Company Ltd: The company has filed initial papers with market regulator Sebi to raise Rs 300 crore through rights issue. Under a rights issue, stocks are issued to existing investors of an entity as per their holding at pre-determined price and ratio.
Punjab National Bank: State-owned Punjab National Bank said it has raised Rs 500 crore from bonds to fund the business growth plans. Last month also the bank raised Rs 500 crore from bonds. The bank also got capital infusion of Rs 500 crore from the government during 2013-14.
Novartis Ltd: The pharma major has taken India's Biocon to court for infringing the patent on its diabetes drug Galvus, the Swiss drugmaker said in a statement on Thursday.
DLF Ltd: The Competition Commission has slapped Rs 2.4 crore penalty on realty major DLF for not complying with its directions to cease and desist from unfair trade practices, said media reports.
Coal India Ltd: State-owned Coal India ( CIL) has increased the price of a certain grade of coal from one of its mines in Godda district of Jharkhand.
SAIL: The country's largest steel maker, said its sales for financial year 2013-14 grew 7 per cent to 12.1 million tonnes (mt) against 11.3 mt in corresponding last year. Exports for the period were up 28 per cent at 0.47 mt compared with 0.36 mt in corresponding last year.
NMDC: Iron ore miner NMDC has incurred its highest capital investment in a single year at Rs 2,518 crore in 2013-14 on various expansions and modernisation plans.
Tata Motors Ltd: Tata Motors is foraying into the Philippines market with the export of passenger and commercial vehicles, including Manza sedan and Xenon pick up trucks, to the South East Asian nation.
Crompton Greaves: The engineering firm, announced that Avantha Group Company CG's Power Transformer plant at Indonesia has won an order worth USD 29 million from PT PLN Indonesia to supply extra high voltage transformers for its Indonesian electricity transmission network, said media reports.
Unitech Ltd: Unitech Corporate Parks, a Unitech group firm listed in London, today said the company is in talks to sell its majority stake in 6 IT SEZ/Park projects in India being developed jointly with the realty major.
STOCKS IN BAN PERIOD:
L&TFH
Source:**economictimes.com , nseindia.com
Stock of the day:
Tatamotors
Tatamotors has tested its all time high and now it can start retracing back towards lower levels. The stock has formed (bearish) dark cloud cover near the resistance. The stock can be shorted with stoploss of 418.5 for the target of 402-398 in short term.
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